6 of the best easy access savings accounts

Category:
Savings
11/04/2018

Easy access savings accounts are as simple as they sound – they allow you to access your money without having to give advance notice to your savings provider, and they can usually be paid into at any time. They're the most flexible type of savings account and can be the perfect place to build up that emergency fund, or for those who aren't sure if they'll need to dip into their pot.

They can be ideal if you're not sure what will happen to interest rates in the near future, particularly as the base rate may well rise again as early as next month, and can be just as suitable if you've got short-term savings goals, or even if you simply want to get into the habit of saving. As this type of account doesn't require a lot of commitment, easy access savers can be a great starting point for any saver.

However, despite their flexibilities, there are a few things to watch out for. Most providers don't want too much easy access cash, as these funds mean uncertainty for them, which is why the best rates tend to disappear rather quickly. So, if you see an account you like, don't hesitate. There's also a growing number of accounts that only allow a certain number of withdrawals per year, so watch out for deals that will penalise you for taking money out if you regularly need to access your cash.

You should also be prepared for the fact that online-only accounts often pay the best rates, and make sure you carefully consider accounts that come with bonuses, too; most only last for a 12-month period, after which the rate will drop considerably. That said, given the current state of the market, you may want to review your account after one year, regardless of whether it comes with a bonus or not, so don't ignore these deals entirely.

It all comes down to finding an account that works for you, which means you should always check the terms and conditions to ensure it suits your financial and lifestyle needs. With that in mind, here are the current top-paying easy access accounts, looking at both those with and without an introductory bonus, offering you a great rate with added convenience.

AER

Details

ICICI Bank UK HiSAVE Bonus Saver - Series Two

1.35% AER

Minimum investment of £1

Rate includes bonus of 0.70% until 31.01.2019 on funds of at least £750 (rate of 0.65% paid on savings between £1 and £749.99)

No notice account

Variable rate

Unlimited additions and withdrawals allowed

Account can be opened online by all and over the phone by existing customers, and then managed online, over the phone and via mobile app

Access via nominated current account

Interest paid monthly and must be compounded

Taking the top spot is this easy access account with a bonus from ICICI Bank UK, which pays the market-leading variable rate of 1.35% AER (1.34% gross) until next January, if you put away at least £750. This deal allows unlimited access and pays interest monthly for the height of flexibility, though note that the rate will drop substantially after a certain date, or if you have less than £750 in the account.

AER

Details

RCI Bank UK Freedom Savings Account

1.30% AER

Minimum investment of £100

Variable rate

No notice account

Further additions and withdrawals permitted

Access via nominated current account

Internet-based account

Interest paid on the anniversary of the account opening and must be compounded

In second place sits this bonus-free deal from RCI Bank UK that pays 1.30% on a minimum investment of £100. It allows unlimited additions and withdrawals at any time, making it a truly easy access deal and potentially ideal for an emergency fund. It should be noted that this bank is covered by the French compensation scheme (which covers deposits of up to €100,000) rather than the UK-based FSCS.

AER

Details

Shawbrook Bank Easy Access - Issue 11

1.25% AER

Minimum investment of £1,000

Variable rate

No notice account

Withdrawals of at least £500 and further additions permitted

Access via nominated account

Must be opened online and can then be operated by phone as well

Interest paid on its anniversary

Shawbrook Bank completes the top three with an account that pays a variable rate of 1.25% on at least £1,000. Savers are free to make additional deposits and withdraw funds whenever they wish, with the online nature of this account giving them 24/7 access if they so desire.

AER

Details

Tesco Bank Internet Saver

1.25% AER

Minimum investment of £1

Variable rate (includes bonus of 0.70% for the first 12 months on funds up to £1 million)

No notice account

Further additions permitted

Withdrawals allowed, with a maximum daily withdrawal limit of £10,000 to non-Tesco Bank accounts in the UK and a £100,000 limit to Tesco Bank accounts in one's own name

Must be opened online, but can then be operated by app as well (telephone banking is also possible, but only for external transfers)

Interest paid yearly and must be compounded

Tesco Bank takes fourth place with this account that also pays a variable rate of 1.25%, this time on as little as a single pound. Savers are free to make additional deposits and withdraw funds whenever they wish, with a more lenient daily withdrawal limit for those with a Tesco current account. As this account comes with a substantial 12-month bonus on funds of up to £1 million, a review of the rate will be necessary after a year.

AER

Details

Ford Money Flexible Saver

1.22% AER

Minimum investment of £1

No notice account

Variable rate

Unlimited additions and withdrawals allowed

Access via nominated current account

Account can be opened over the phone and online, but can then only be operated online

Interest paid yearly

Next up is this deal from Ford Money, which boasts a variable rate of 1.22%. It can be opened with just £1 and permits unlimited access via a nominated current account for the utmost flexibility.

Unlimited withdrawals permitted (withdrawal method depends on how the account was opened)

Access via nominated current account

Account can be opened in branch, by post and online (the latter only by those aged 18 or over)

Interest paid yearly

Completing the top six is Kent Reliance, with an instant access account that offers a variable rate of 1.21% on investments of at least £1,000. It allows unlimited additions via a number of methods, as well as unrestricted access, and is the only account in this list that has a branch presence.

Information & rates correct as at: 11/04/2018

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.